Global Smart Transportation MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $278billion by 2024 from $67 billion in 2016; growing at a CAGR of 19.4% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 20.7% and 19.5%, respectively, during the forecast period.

The global smart transportation market is majorly driven by increasing population, rising greenhouse gas,growing number of vehicles on road, high adoption of IoT, smart cities, need for public safety and growing government investments. Additionally, increasing popularity of smart cities in emerging economies would provide growth opportunities in the coming years. However, high investment and long downtime is expected to hamper the growth of the market.

The global smart transportation market has been bifurcated into solution, service, and geography. Solution segment includes ticketing management system, parking management system, integrated supervision system and traffic management system. In 2016, traffic management system and integrated supervision system accounted for the largest market share of35.4% and 30.8% respectively. By service, the market is segmented as cloud services, business services and professional services.

Geographically, the global smart transportation market is categorized into North America, Europe, Asia-Pacific and Rest of the world (RoW).In 2016, Europe accounted for the largest market share of 31.2% owing to high adoption of latest technologies and concern for the environment, followed by North America accounting for29.3%. However, Asia Pacific is likely to dominate the market with fastest CAGR during the forecast period, owing to the technological advancements and investments by government.

Market players have used various strategies to increase their market share and global presence. The key players in the market include Cubic Corporation, Siemens AG, Thales Group, LG CNS Co., Ltd.,Tomtom International Bv, International Business Machines Corporation, Accenture plc, Alstom SA, General Electric Company and KapschTrafficCom AG, among others.